Hardest Hit Fund Rhode Island

 

COVID-19 Mortgage Payment Assistance Unemployment Program

(MPA-UP)

 

The Hardest Hit Fund Rhode Island (HHFRI) is offering assistance to Rhode Island homeowners negatively impacted by the COVID-19 pandemic and struggling to make their mortgage payments. HHFRI is offering eligible homeowners a five-year, zero interest forgivable loan to pay up to six months of mortgage payments. The loan will be forgiven and the lien will be discharge if the homeowner continues to occupy the property as their primary residence and does not sell, transfer title or refinance. 

Eligible homeowners must:

  • Own and occupy a one-to four family property or condominium in Rhode Island
  • Be or have been unemployed or underemployed due to the pandemic
  • Receive or have received unemployment benefits from the Department of Labor and Training or another provider beginning March 1, 2020 or after
  • Have been current on their mortgage payment on March 1, 2020
  • Have less than $20,000 in non-retirement, liquid assets. Non-retirement, liquid assets include bank accounts, stocks, bonds, investments and cash value of life insurance
  • Have an original mortgage balance no greater than $820,500
  • Meet household income limits
      • ≤$97,646 for 1-2-person households
      • ≤$112,293 for 3 or more-person households

Frequently Asked Questions

I am in a forbearance agreement with my lender. Am I eligible for this program?

Yes. You can be in a forbearance agreement with your lender and receive assistance through COVID-19 MPA-UP.

 

Am I eligible if I have received a loan through the Hardest Hit Fund in the past?
Yes, although the Hardest Hit Fund program does cap the total amount of assistance you can receive. You cannot receive more than $50,000 in total MPA-UP funds or over $75,000 in total Hardest Hit Fund loans.

Also, to be eligible you must have complied with all program requirements of your previous Hardest Hit Fund program loan(s).

I was unemployed before the pandemic hit in March. Am I still eligible for this program?

Unfortunately, you are not eligible.

This program is specifically for homeowners who became unemployed or underemployed due to the pandemic. To be eligible, unemployment benefits must not have begun before March 1, 2020. Please contact a HUD-certified Housing Counseling Agency to learn of other options that may be available.

Do all mortgage servicers participate in the Hardest Hit Fund program, specifically, COVID-19 MPA-UP?

While not all mortgage servicers participate, many national and local servicers, including RIHousing, will accept Hardest Hit Fund money on your behalf. If your lender/servicer does not already work with the Hardest Hit Fund, we can contact them to discuss if they would be willing to participate.

 

How will my mortgage payment be made?

Funds will be sent directly to your servicer on your behalf. 

 

Is my household within the program income limits?

The income limit for a one- to two-person household is $97,646. The income limit for a household of three or more people is $112,293. Income limits include all adults over 23 years of age, regardless of relationship.

 

Do I have to pay back this loan?

Funds will be provided in the form of a zero-percent interest, forgivable loan.

The loan forgives 20% of the original principal balance per year over five years. Borrowers who refinance, transfer title or sell the property within the five-year period or do not occupy the property as their primary residence must repay the loan on a pro-rata basis provided there is sufficient equity.

For how long will my mortgage payments be made under the program?

The program will make up to 6 months of mortgage payments (principal, interest, taxes, insurance, association fees) on behalf of the homeowner. These payments can also cover arrearages if the homeowner fell behind because he or she is unemployed or underemployed due to the pandemic. All borrowers must have been current on their mortgage payments as of March 1, 2020.

 

I am back to work. Am I eligible for a COVID-19 MPA-UP loan?

The program may be able to provide funds for the months you were unemployed or underemployed. Upon receipt of your documentation, program representatives will determine your eligibility.

 

What types of properties are eligible?

One-to four-family Rhode Island properties and condominiums are eligible for the program. The property must be occupied by you as your primary residence.

 

I was delinquent on my mortgage before the pandemic hit in March, am I eligible for this program?

Unfortunately, you are not eligible. Please contact a HUD-certified Housing Counseling Agency to learn of other options that may be available.

An application is considered complete once the application and all supporting documentation are either uploaded, received via mail or put in the drop box at 44 Washington Street, Providence, RI 02903. Due to the COVID-19 pandemic, our office is closed to visitors.

If you are submitting your application by mail, please mail it to:

RIHousing
44 Washington Street
Providence, RI 02903
Attn: Hardest Hit Fund Rhode Island

Funds for this program are limited. Program funds will be reserved on a first-come, first-served basis. The program will be offered until full allocation is reached and may be suspended or terminated without prior notice.

If you need assistance with your application, or have any questions about the program, please call (401) 457-1222. The application is offered in English and Spanish. Assistance in additional languages will be provided upon request.